Any organization can be a target of a cyber-attack, including well-established law firms.
The surge in cyber attacks is impacting Cyber Risk Insurance pricing and underwriting now, leading to higher prices for SMBs (small and medium-sized businesses). The future will bring continued rate increases and tightening underwriting, but some level of competition as well.
Business interruption coverage is a standard coverage part in comprehensive Cyber Risk Insurance policies and has become a critical financial protection from ransomware attacks. A Cyber Risk Insurance policy with robust business interruption coverage is an essential protection.
For insurance agents & brokers, a recent case highlights the importance of good risk management procedures, particularly documenting a thorough process. Agents and brokers risk management can provide protection from claims, and reduce an agency’s E&O insurance premiums.
Ransomware attacks are up and are creating challenges for SMBs and for their Cyber Risk Insurers. And we may be facing a perfect storm for continued ransomware attacks. Proactive steps to reduce exposures combined with Cyber Risk Insurance can greatly reduce financial and operational exposure to cyber risks – make sure you have the right Cyber Risk Insurance.